Refinancing your ride
Tourer
Joined: Feb 2010
Posts: 265
Likes: 1
From: Wild West
when a friend was buying a car last year, an acquaintance who IS a financial advisor told him to save his money and finance the car. he's currently paying 0% interest on the loan and the money he would have spent is currently earning him interest. so i guess the strategy has to fit the situation. 'course, i make a living pounding nails so what do i know
http://usnews.rankingsandreviews.com...nancing-Craze/
"With many of today's offers, buyers have a choice: Accept zero-percent financing, or a cash-back rebate that can outweigh the benefits of interest-free financing."
Further, the seller often merely inflates the price for the "interest free" item.
"By now, you've figured out the catch. These examples use prices near MSRP for each car, and in today's market, a savvy negotiator can knock prices down significantly, right?
That raises another concern. Having dealer financing as your only financing option can knock your ability to negotiate off-kilter. Even if you're interested in the dealer's financing deal, make sure you negotiate the vehicle price first, before you even start talking about financing."
and
http://www.bcsalliance.com/zero_percent_financing.html
"Even if you do qualify for zero percent financing, sellers often make up for the lost finance charges by jacking up the price of the product. They can do this quite easily because the customer is so thrilled with the zero percent financing that he forgets or overlooks the fact that he is overpaying for the product. This is particularly true of automobile purchases."
Further, interest free financing could actually hurt your credit rating:
http://moneywatch.bnet.com/saving-mo...ur-credit/569/
Road Captain
Joined: Jul 2006
Posts: 511
Likes: 0
Actually according to your post all of us that finance are not smart and not responsible. I did read your post however misguided it may be and completely comprehended everything you said. If you would read your own post and see how you worded it maybe you would comprehend that you got kinda insulting to those of us that chose to pay a little extra for the privilage of getting our bike now. If I can make the payment I fail to see how you are any smarter or responsible than i am. More frugal maybe.
Hey maybe rather than cherry pick my posts you should actually read for comprehension and be honest in your replies. Try reading my first post, page 8 #78, on this thread.
As Abe Lincoln said, and applies to your post, "Better to remain silent and be thought a fool than to speak out and remove all doubt."
As Abe Lincoln said, and applies to your post, "Better to remain silent and be thought a fool than to speak out and remove all doubt."
Intermediate
Joined: Dec 2010
Posts: 37
Likes: 0
The reality is that most 0% interest deals cost you more than paying cash, because those deals on cars are usually for 0% financing OR a cash rebate. Making paying cash and getting the rebate less expensive than financing.
http://usnews.rankingsandreviews.com...nancing-Craze/
"With many of today's offers, buyers have a choice: Accept zero-percent financing, or a cash-back rebate that can outweigh the benefits of interest-free financing."
Further, the seller often merely inflates the price for the "interest free" item.
"By now, you've figured out the catch. These examples use prices near MSRP for each car, and in today's market, a savvy negotiator can knock prices down significantly, right?
That raises another concern. Having dealer financing as your only financing option can knock your ability to negotiate off-kilter. Even if you're interested in the dealer's financing deal, make sure you negotiate the vehicle price first, before you even start talking about financing."
and
http://www.bcsalliance.com/zero_percent_financing.html
"Even if you do qualify for zero percent financing, sellers often make up for the lost finance charges by jacking up the price of the product. They can do this quite easily because the customer is so thrilled with the zero percent financing that he forgets or overlooks the fact that he is overpaying for the product. This is particularly true of automobile purchases."
Further, interest free financing could actually hurt your credit rating:
http://moneywatch.bnet.com/saving-mo...ur-credit/569/
http://usnews.rankingsandreviews.com...nancing-Craze/
"With many of today's offers, buyers have a choice: Accept zero-percent financing, or a cash-back rebate that can outweigh the benefits of interest-free financing."
Further, the seller often merely inflates the price for the "interest free" item.
"By now, you've figured out the catch. These examples use prices near MSRP for each car, and in today's market, a savvy negotiator can knock prices down significantly, right?
That raises another concern. Having dealer financing as your only financing option can knock your ability to negotiate off-kilter. Even if you're interested in the dealer's financing deal, make sure you negotiate the vehicle price first, before you even start talking about financing."
and
http://www.bcsalliance.com/zero_percent_financing.html
"Even if you do qualify for zero percent financing, sellers often make up for the lost finance charges by jacking up the price of the product. They can do this quite easily because the customer is so thrilled with the zero percent financing that he forgets or overlooks the fact that he is overpaying for the product. This is particularly true of automobile purchases."
Further, interest free financing could actually hurt your credit rating:
http://moneywatch.bnet.com/saving-mo...ur-credit/569/
Ultimate HDF Member
Joined: Apr 2006
Posts: 7,498
Likes: 19
From: East Alton, IL
YEAH, support all those people with YOUR money.
We (parents, three sisters and a brother, 7 cousins Aunts and Uncles and their families) choose to not live that way and neither do any of the rest of my family. We ALL pay cash. Sometimes we support each other for large property purchases just to forgo the usury and pay back without charging "interest". We always get a better buy by insisting on paying cash.
We (parents, three sisters and a brother, 7 cousins Aunts and Uncles and their families) choose to not live that way and neither do any of the rest of my family. We ALL pay cash. Sometimes we support each other for large property purchases just to forgo the usury and pay back without charging "interest". We always get a better buy by insisting on paying cash.
Tourer
Joined: Feb 2010
Posts: 265
Likes: 1
From: Wild West
Actually according to your post all of us that finance are not smart and not responsible. I did read your post however misguided it may be and completely comprehended everything you said. If you would read your own post and see how you worded it maybe you would comprehend that you got kinda insulting to those of us that chose to pay a little extra for the privilage of getting our bike now.
Grow up and develop a thicker skin if you can't handle some criticism.
Grand HDF Member
Joined: Nov 2007
Posts: 4,067
Likes: 60
From: Chesterfield, VA
I would refinance if I blew my engine or tranny though.
Most of us aren't as rich as you buddy and we want to ride just like the RUBS out there.
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